What is the Optiver Internship?
Optiver is one of the world's largest options market-making firms, founded in Amsterdam in 1986. The firm runs internship programmes across all of its major offices - Amsterdam, Chicago, Sydney, London, Shanghai, Taipei and Mumbai - and uses them as the dominant route into its full-time graduate programme. Optiver's internships are smaller than the bank standard (around 100 to 150 interns globally each summer) but the conversion rate is high - widely reported around 70 to 80%.
The internship is also famous for one specific element: the Optiver trader test. The firm's mental arithmetic and probability assessments are widely regarded as among the toughest in the industry, and interns face them again throughout the summer as part of the firm's continuous-learning culture.
This guide covers the application timeline, intern compensation across offices, what interns actually work on, and how to maximise your chances of converting. For the full interview content (the brain teasers, the market-making games, the depth of the trader test), see our Optiver interview guide.
The Internship Programmes
Trader Internship
The most-hired and most famous track. 10-week programme with structured learning blocks (options theory, market microstructure, manual trading practice) plus rotations through trading desks. Interns are given small risk limits and allowed to make real trades under supervision in the second half.
Quantitative Researcher Internship
Smaller and more research-focused. Interns work with a senior researcher on signal design, statistical modelling, or market-microstructure analysis. Heavy use of Python.
Software Engineer Internship
Engineering work supporting the firm's trading infrastructure. C++ for hot-path systems, Python for tooling, real production code shipped within the 10-week window.
Quantitative Researcher in Tech
A hybrid track between quantitative researcher and software engineer. Focus on building research tools and data infrastructure.
Application Timeline
Optiver's recruiting cycle is similar to other top quant firms - early and rolling.
| Stage | Timing |
|---|---|
| Applications open | August (year before internship) |
| Online assessment | September to October |
| First-round interviews | October to November |
| Final-round Super Day | November to January |
| Offers extended | December to February |
| Internship begins | June (typically the first or second week) |
| Return offer decisions | August (last two weeks of internship) |
For the 2027 summer internship, applications will open in August 2026. Apply early - Optiver reviews on a rolling basis.
The Interview Process
The interview is largely the same as for the full-time graduate role - see our Optiver interview guide for the full breakdown. Internship-specific notes:
- The trader test is brutal. Optiver's online assessment for trader candidates is widely considered the hardest mental-arithmetic test in the industry. The bar is roughly 50 correct answers in two minutes for the speed-arithmetic section. Most candidates start at 15 to 20.
- The Super Day includes a trading game. You will be asked to make markets on a series of payoffs (the median of three dice, the number of red marbles in an urn, the value of a derivative on a synthetic asset) while interviewers trade with you and observe how you adjust your prices.
- The bar is calibrated for university students. You are not expected to have prior trading experience. The firm tests aptitude, mental arithmetic, and decision-making under uncertainty.
Intern Compensation
Optiver's internship pay is among the highest in Europe and is competitive globally.
| Office | Programme | Total summer compensation (2026) |
|---|---|---|
| Amsterdam | Trader / Quant Researcher | €5,000 to €6,000 monthly stipend |
| Chicago | Trader / Software Engineer | $15,000 to $20,000 monthly stipend |
| Sydney | Trader | A$15,000 to A$18,000 monthly stipend |
| London | Quant Researcher / Software Engineer | £10,000 to £14,000 monthly stipend |
Add to that:
- Furnished housing provided at no cost across all offices
- Flights covered to and from the office at the start and end
- Daily breakfast and lunch provided at the office (Amsterdam includes dinner during evening events)
- Social programme - weekend trips, professional poker tournaments, regular team dinners
The all-in package for a 10-week Amsterdam internship typically lands around €60,000 to €70,000 in cash and in-kind value combined.
For broader internship comparison, see our Jane Street internship guide and Citadel internship guide.
What Interns Actually Work On
Trader Interns
- Three-week structured training in options theory, market microstructure, and Optiver-specific trading frameworks
- Rotate through 1 to 2 trading desks (typically equity index options, then ETF options or another product class)
- Manual trading exercises with small risk limits in the second half - real trades, real P&L, supervised
- Daily trading games and mental-arithmetic drills - these continue throughout the internship
- A capstone project at the end of the summer (typically a trading idea or strategy improvement)
Quantitative Researcher Interns
- Assigned to a research team for the full internship
- Given a real research problem - typically signal design or statistical analysis of market behaviour
- Heavy use of Python; access to Optiver's full research infrastructure
- Present findings to the team at the end of the summer
Software Engineer Interns
- Join a specific engineering team for the full internship
- Receive a real project that ships to production within the 10-week window
- C++ for hot-path systems; Python and Go for tooling and platform
The Return Offer Process
Optiver's return offer rate is reported around 70 to 80%, comparable to Citadel and slightly below Jane Street. The decision is made in the final two weeks based on:
- Manager and team feedback. What did you ship or trade? How did you collaborate?
- Continued performance on the trader test. For trader interns specifically, your mental-arithmetic and probability scores throughout the internship are part of the evaluation.
- A formal end-of-internship review. Typically a 30-minute meeting with your manager and one or two senior team members.
Return offers are typically extended in early September. You usually have until November to accept. Compensation is the standard graduate package: first-year traders in Amsterdam typically receive €120,000 to €180,000 in total compensation; in Chicago, $180,000 to $250,000; in London, £100,000 to £150,000.
For full-time salary detail across firms, see our quantitative analyst salary guide.
How to Prepare
The interview content is the same as the full-time graduate process. See our Optiver interview guide for the full preparation plan, recommended reading, and practice problem categories.
Internship-specific additions:
- Apply on day one of the cycle. Optiver's recruiting is rolling. The earlier you apply, the more likely you are to get an interview slot.
- Train mental arithmetic to the bar before applying. The trader test is the hardest single filter. Daily 30-minute Zetamac sessions for at least 4 to 6 weeks before applying. Target 50+ correct in two minutes.
- Practise market-making games. The Super Day involves making prices on payoff structures in real time. Practise this with a study partner - have them give you simple payoffs (the sum of two dice, the number of heads in five flips) and quote two-way prices in real time.
- Read about options. You don't need to derive Black-Scholes - you do need to understand the Greeks intuitively. See our Greeks and volatility in options and option pricing models explained guides.
What Optiver Looks For in Interns
Three traits separate Optiver offers from rejections at the internship stage.
Mental arithmetic speed. Optiver tests this aggressively, throughout the internship, and improvement over the summer is measured. Candidates who arrive with strong baseline speed have a structural advantage.
Calibration under uncertainty. Like SIG, Optiver cares deeply about whether candidates know what they do not know. Interview answers that include explicit uncertainty tend to do better than confident wrong answers. The trading-game format is designed to test exactly this.
Adjustability. Optiver's interviewers will trade with you in the trading game and watch whether you update your prices based on the trades they make. Candidates who anchor on a price and refuse to update do badly, regardless of how good the original price was.
For broader context on what firms look for in early-career candidates, see our quantitative analyst career guide.
Compensation & recruiting notes
Pay ranges in this guide are illustrative estimates from publicly discussed bands and anecdotal reports - not official figures from the employer. Packages vary widely by desk, office, performance, and year. Hiring processes change; nothing here guarantees an interview, assessment format, or offer.
Frequently Asked Questions
When does the Optiver internship application open for 2027?
August 2026. Applications are reviewed on a rolling basis - apply early.
What is the Optiver internship pass rate?
Optiver does not publish figures, but it is widely understood that fewer than 1% of applicants receive an offer. The trader test alone reportedly eliminates 80%+ of applicants.
How much do Optiver interns earn?
In 2026, the monthly stipend is €5,000 to €6,000 in Amsterdam, $15,000 to $20,000 in Chicago, A$15,000 to A$18,000 in Sydney, and £10,000 to £14,000 in London. Free furnished housing, daily meals, and flights to and from the office are included.
What is the trader test like?
The Optiver trader test is a 60 to 75 minute online assessment focused on mental arithmetic (50 to 80 questions including two-digit multiplication, percentages and division), probability and pattern recognition. Speed is the main filter - the difficulty of individual questions is moderate but the time pressure is intense.
What is the return offer rate?
Reportedly 70 to 80%, varying by team and year.
When does the internship start and end?
Typically late June through early September. The standard length is 10 weeks.
Can I do the Optiver internship if I'm not at a target university?
Yes. The trader test is meritocratic - if you score in the top 10% you will be interviewed regardless of school. Optiver also recruits internationally, so non-target candidates from outside Europe sometimes have a structural advantage for the Amsterdam programme.
What is the difference between the Optiver and IMC internship?
Both are Amsterdam-based options market makers with similar culture and compensation. Optiver is larger and more globally recognised. IMC is more diversified (more fixed income and FX exposure). Cultures differ marginally - Optiver is typically described as more academic, IMC as marginally more research-driven. We have an IMC trading interview guide covering IMC's process specifically.
Can I apply to multiple Optiver offices?
Yes. Optiver's recruiting allows you to indicate office preference, and the firm will sometimes interview you for multiple offices. Be deliberate about your preferences - generic "any office" applications perform worse than candidates with a clear first choice.
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